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Bitcoins! Why they are so popular? #5

 Bitcoins!  #5

Here is my 5th blog stating Bitcoins, how they started and also negativities of bitcoin.So, Bitcoin is a type of digital or virtual currency. It is also known as cryptocurrency. 

How they started?

It was merely 12 years ago, on 31st october,2008 a person named Satoshi Nakamoto published a paper on the internet stating that "A version of electronic cash that can allow payments send directly to one party from another without going through a financial institution" Cryptocurrency is an asset on which no financial institute like banks have control. At First it was only an idea of 1 person but now there is a huge trading of this cryptocurrency in lakhs or crores. Now its value has almost touched 16,70,000 Indian Rupee.

Where they are used?

Well, they are used in the transfer of funds to foreign banks. Bitcoins are more economical in this case as they do not charge any tranfer fees and funds are transfered in 10 or less minutes as compared to 1 or 2 days that the banks take.

Negativities of Bitcoin.

Bitcoins do have some negativities as they are digital. First, there is chances for hacking of the accounts of people therefore RBI reduced Bitcoins in India very much. Second, anyone can create their own cryptocurrency and can rob people.

PIYUSHBEAM

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